Any of the mortgage types detailed below can be linked to a choice of repayment options. At Leeds Building Society we will never ‘sell’ you a certain type of mortgage – we’ll simply help you decide which one is right for you.

About You

You will need to be aged 18 or over to be eligible for a mortgage. We will undertake a full appraisal of your financial status before granting a mortgage to you.

Fixed Rate Mortgage

This type of mortgage offers you the peace of mind that whatever happens to interest rates, your mortgage repayments won’t be affected during the period that your rate is fixed. Rates can generally be fixed from between 2 and 10 years , or sometimes longer- at the end of which your loan will normally switch to our Standard Variable Rate, or any rate introduced to replace it.

Discounted Rate Mortgage

This mortgage type gives you a discount off our Standard Variable Rate for a fixed period of time. The rate applying to your account may go up or down in this time, but will, always remain at a lower level than would have been the case under our Standard Variable Rate. This option leaves you with lower monthly repayments over a period when you may well appreciate a little extra cash, especially if you’ve just moved into a new home. At the end of the discounted period, your mortgage will normally switch to our Standard Variable Rate of interest applicable at the time.

Tracker Mortgage

This type of mortgage tracks the Bank of England Base Rate. Each time the Base Rate changes, your rate will change in time for your next payment (within 30 days). At the end of the Tracker period, your mortgage will normally switch to our Standard Variable Rate of interest applicable at the time.

Shared Ownership

This is a method of property purchase in partnership with the Gibraltar Government. The borrower purchases part of the property and rents the remainder from the Government. Also known as co-ownership, this arrangement is designed for people who could not otherwise become homeowners. Under our arrangement, you can purchase a minimum amount of 25% of the property value. The remainder of the property value can be purchased over time from the Government until you own the property outright. Leeds Building Society helps first-time buyers by allowing them to borrow 100% of their share of the property which means no deposit is required.

How long your mortgage will run

We normally lend for up to 25 years but you can choose a shorter or longer period. You should bear in mind that an Early Repayment Charge maybe payable depending upon the particular product if you choose to pay off your mortgage or remortgage before the end of any Early Repayment Period (these terms are explained in the ‘Jargon Buster’ section of this guide). If you think you may be able to pay off your mortgage early some of our products may allow you to do this – please ask your Mortgage Advisor.

Mortgages that move with you

All Leeds Building Society mortgages (with the exception of shared ownership products) are portable – which means if you choose to move house, you can simply move your mortgage with you. Please ask your Mortgage Advisor for full details as terms and conditions apply.

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